New Delhi. India, the world’s third-largest energy consumer, has warned that high oil prices will hurt the fragile global economic revival. India has asked Saudi Arabia and the member countries of the Organization of the Oil Exporting Countries (OPEC) to work towards affordable and reliable supplies. At the same time, while keeping the idea of long-term supply contracts, India said that this will ensure a reliable and stable price system.
‘There is a big gap between oil supply and demand’
Petroleum Minister Hardeep Singh Puri said in Sera Week’s ‘India Energy Forum’ that there is a gap between the demand for oil and the supply from producers like OPEC+. Therefore, there is a need to increase production. He said that the world needs reliable, stable and affordable prices to come to the pre-Covid level. This will also make it easier to control the prices of petrol and diesel. At the same time, Petroleum Secretary Tarun Kapoor said that importing countries like India currently enter into oil purchase contracts with OPEC countries like Saudi Arabia and Iraq. There is certainty about the quantity, but the price is fixed on the basis of international price at the time of delivery.
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‘Be the standard for fixing oil prices’
Petroleum Secretary Tarun Kapoor said that in case of gas, the contract is for a period of up to 25 years and the price is determined on the prescribed parameters. For oil too, with long-term contracts, there should be price norms. This standard can be based on the prices of alternative fuels like coal or gas. He said that OPEC and allies should rise to the occasion and increase production to meet the expectations of the customers. Let us tell you that with the increase in prices from May 2021, the prices of petrol and diesel have reached a record level across the country.
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Affordable energy is in the interest of all countries
Puri said that all industrialized countries including India will be affected if energy prices remain high. It is in everyone’s interest that we sustain the global economic revival. That is why stable and cheap energy is in the interest of both producing and importing countries. I am sure that OPEC and allies will take care of the sentiments of the consumer countries. During April 2020, oil prices in the international market had come down to $ 19 per barrel. Now with vaccination, the demand increased due to intensification of economic activities at the global level. With this, Brent crude has now reached $ 84 per barrel.
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